Cheapest Sports Cars to Insure in Ontario

  • sports car

There is no doubt about it, Canadians love their sports cars. Although no sports car models made the list for Canada’s best-selling vehicles in 2017, sales continue to rise.

Based on car sales in Canada between 2017 and 2018, three well-known sports car manufacturers made the list. Audi, BMW, and Mercedes-Benz each saw sales increases in 2018.

The statistics are as follows:

Car ManufacturerApril 2017 SalesApril 2018 Sales
Mercedes-Benz4,3334,694
Audi3,6084,108
BMW3,6284,020

The top two manufacturers sold an impressive number of units each. Ford sold $29,312 units in April 2018, and Toyota sold $19,493 units.

However, these manufacturers numbers either remained relatively the same or decreased in sales.

Sports cars continue to be a popular purchase for Canadians. The statistic leads to a very popular question: Where can we find the cheapest sports car insurance in Ontario?

Motorists might love their sports cars, but it’s likely they love cheap automobile insurance even more. Luckily, there is a range of sports cars that are easy to insure.

Cheap Sports Cars to Insure  

Cheap Sports Cars

The list of the cheapest sports cars to insure includes six vehicles from most expensive to least expensive.

  1. Nissan 370Z (2018)

Annual Insurance Cost: $1,692.

The 2018 Nissan 370Z might be a new model, but its design still reflects the older model from 2013. The car lacks updated safety features, which may be why it’s the most expensive on the list.

The car’s only additional safety feature is a rear-view camera; it has not been crash-tested by the IIHS or the NHTSA. This raises rates slightly for insurance companies.

To lower insurance rates, drivers might consider installing extra safety features.

  1. Subaru WRX STI (2018)

Annual Insurance Cost: $1,688.

The Subaru merits a lower insurance cost, based on additional safety features and impressive capabilities. It may also have lower rates because of its 4-door design, which often results in lower insurance quotes.

Drivers will appreciate the all-wheel-drive system, a braking system, and blind spot monitoring. It received a good rating in every category, except for headlights.

  1. Ford Mustang GT (2017)

Annual Insurance Cost: $1,656.

The 2017 Ford Mustang is a 2-door coupe, which received good ratings from the IIHS except in the small overlap front test. Safety features that might lower insurance rates include adaptive cruise control and a reverse sensor system.

Motorists should keep in mind that models with smaller engines will be cheaper to insure. However, drivers who appreciate performance and speed may want to stick with the larger engine.

  1. Chevrolet Corvette Stingray (2018)

Corvette Stingray

Annual Insurance Cost: $1,562.

The 2018 Chevrolet Stingray is an impressive convertible that still boasts an affordable insurance premium. Unlike some of its competitors, this model doesn’t come with advanced safety packages.

Additionally, it has not been crash-tested.

Fortunately, the steady handling of this car is ideal for a controlled drive. Drivers can also integrate Chevrolet’s Performance Package, which includes larger front breaks and slotted brake rotors.

The ultra-sleek look of this car and its affordable premiums might be just the ticket for a driver who likes speed and savings.

  1. BMW Z4 Roadster (2017)

Annual Insurance Cost: $1,561.

This little sports car is ideal for a summer whip down the coast, but keep in mind the safety features are somewhat lacking.

The vehicle hasn’t been tested by either the IIHS or the NHTSA and has no additional safety systems. However, similar to the Stingray, the car handles well and is easy to control.

The car’s lower insurance rates may be because of the lower-power engine. The size of it makes the Z4 a little tamer than other options, lowering risk for accidents.

Drivers who are interested in this kind of sports car will need to hurry to their dealership. Production on this model has ended and it will be harder to find them brand-new.

  1. Mazda MX-5 Miata

Annual Insurance Cost: $1,284

This speedy sports car takes the top spot on the list of cheapest sports cars to insure. Although it has not been crash-tested, it is impressively easy to handle and control.

Those seeking additional safety features have the option to install blind spot monitoring and a lane departure warning system. With such an affordable insurance premium, it might be worth it to splurge a little on additional protection.

Another vehicle also came in at the top spot, the 2017 Fiat 124 Spider. Not only does it offer the lowest sports car insurance rate, it’s also one of the best-selling sports cars in Canada in 2017.

How to Get Affordable Sports Car Insurance  

Sports Car

These tips may help to improve car insurance rates:

  • Invest in anti-theft systems

Statistically, sports cars are much more likely to be stolen than other types of vehicles. Insurance companies see this as a huge risk and raise rates if there are no safety features installed.

Sports car owners can install things like alarm systems and sensors, which will deter thieves and lower their rates.

  • Consider a well-loved car

Used sports cars are often kept in great condition. Drivers who are seeking low insurance might consider shopping for a used option, which will have a lower replacement value.

  • Combine policies

Insurance companies love when customers combine their insurance needs. Keep in mind that discounts are often available for those people who combine things like their home and auto insurance.

Discounts might also be available for those who combine policies with other car owners in the home.

Conclusion

The cheapest sports cars to insure in Ontario are all fast, reliable vehicles on the road. Investing in a luxury vehicle doesn’t have to mean high insurance rates, so it’s ideal to shop around and get some quotes.

Drivers should keep in mind that even if two people insure the same sports car, their rates will be different. This is because rates are based on a wide range of factors, with many of them unique to the individual.

Factors that affect insurance rates include location, driver’s history, added safety features, theft in the area, etc. Possessing a clear driver’s record and being a safe driver are the best ways to maintain low insurance rates.

Resources

https://www.statista.com/statistics/451443/canadian-monthly-vehicle-sales-by-brand/
https://www.statista.com/statistics/451443/canadian-monthly-vehicle-sales-by-brand/
http://www.autofocus.ca/news-events/canadian-car-and-truck-sales/canada-s-25-best-selling-sports-cars-in-2017
https://www.tatuminsurance.com/14-factors-that-affect-your-car-insurance-rate/